Retirement

  • Millennials leading the way in saving for retirement

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    Recent data suggests that younger generations are on track to save more than their parents and grandparents, despite their earnings on average being considerably lower. Part of the reason for this is time: simply put, young people have more years ahead of them than older generations until they retire, meaning that any money they put away now has mo...
  • 4 top tips to make your retirement savings last

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    When it comes to saving for when you retire, at the very least you want to ensure that you’re going to have enough to pay for your living costs for the rest of your life. However, what you probably want to be aiming for is a nest egg which allows you to truly enjoy your life after work and do all the things you’ve planned for as you’ve saved. Some...
  • Too late to start saving?

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    Not beginning to save towards your retirement until you reach your fifties would not so long ago have been considered leaving matters far too late to put anything meaningful away for your life after work. Previous generations saw building a pension as something to do over an entire career, with contributions throughout your working life coupled wit...
  • Three lessons about retirement from those who have already retired

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    Retirement is undoubtedly the section of your life which receives the largest amount of planning for most people, with much of your working life spent ensuring you can live where and how you want once you’ve retired. However, as with all plans, there are always going to be aspects of your retirement which don’t end up quite how you’d expected, and...
  • Millions may miss out on pension pay out

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    A recent study by the Pensions and Lifetime Savings Association (PLSA) has suggested that people who have saved into defined benefit (DB) pension schemes have only a 50/50 chance of receiving the payouts they are expecting, resulting in millions missing out on the retirement income promised to them. The pressure on some employers to meet their pens...
  • Tax-Efficient Retirement Account (USA)

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    We are delighted to announce the eagerly awaited additional feature to our International Retirement Plan. Recently launched, the new Alexander Beard US based TERA (Tax Efficient Retirement Account) will accept transfers in from existing IRPs making for a smooth transition process for returning US plan members. The purpose of the TERA (USA) is to b...
  • How to combine work/life balance, job satisfaction and retirement

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    Two of the biggest concerns faced by workers when they reach their 50s and 60s are those of achieving job satisfaction and a work/life balance. Recent studies have offered fresh insight into the reasons behind these issues and the best ways to tackle them. One study conducted by economists at the University of Southern California and California Sta...
  • The upsides and downsides of downsizing

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    If your family has grown up and flown the nest and you’re moving closer to retiring, it’s likely that you’ve at least thought about downsizing your home. For some it can be for practical reasons, for others it might be a desire to be closer to their children if they’ve relocated, for others still it might simply be the desire for a change of scener...
  • Do you know how much your pension pot is worth?

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    Recent research from Royal London has found that around five million people in the UK have ‘forgotten’ pension pots from final salary schemes of former employers. What’s more, many of these deferred members of defined benefit funds don’t know how much a lump sum payout of this accumulated pension would be worth, thanks to a lack of communication fr...
  • Update on state pensions: essential reading for the under 50s

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    Recent changes announced by the government to the state pension will result in nearly six million people currently in their forties having to wait longer until they can retire. It’s a development which has raised concerns over the dependability of the state pension, which for many makes up the lion’s share of their retirement income and is the most...
  • Save at least 11% of your income for retirement!

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    A recent study by leading think-tank the International Longevity Centre has suggested that people should aim to save a minimum of 11% of their income in order ‘to achieve an adequate retirement income’, which is defined as 70% of the amount earned whilst working. The think-tank emphasises that this is a minimum amount and in fact recommends a figur...
  • Raising retirement age will not fill the ‘black hole’

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    Recent figures have suggested that the government will be forced to cut back on healthcare spending, raise taxes or increase borrowing to care for the UK’s ageing population, even if the retirement age was immediately raised to 75. An economic study has found that population growth slowing and the increase in cost for healthcare are likely to put c...
  • Planning for the best time of your life

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    Whether you’re nearing the start of your retirement or you’ve still got a few years of work ahead of you, it’s likely that you’ve already started planning this next significant phase in your life. But no matter how much you read, how many numbers you crunch and how many pounds you put away, you might still find yourself constantly adopting a pessim...
  • How much should you really be saving for retirement?

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    Retirement should be the time in your life where you’re able to relax and enjoy the fruits of your labour throughout your working life. However, simply paying into your savings or a pension for when you retire might not allow you to do this if you’re not putting enough away. But what does “enough” look like? Here are a few questions to consider to...
  • 4 top tips on what to do in the first 30 days of your retirement

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    So, you’ve decided when you’re going to retire and you know what you’re going to do in the days leading up to your final day in work. You might even have some long term goals that you know you want to achieve during the years of retirement you have ahead of yo. But what about those first few days and weeks? The transition from being employed to bei...
  • Why retirement is worrying millennials and what steps they are taking

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    A recent study by HSBC has revealed the main financial worries of the ‘millennial’ generation, recognised as those born between 1980 and 1997. As its title suggests, the ‘Future of Retirement’ survey focuses primarily on how millennials feel about how they are preparing for life after work, but also delves into the wider issues around money and mod...
  • What’s happening with DB pension schemes?

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    Defined benefit (DB) pension schemes continue to be a hot topic in the business and financial worlds as an increasing number of people seek to transfer their pensions from a DB scheme. Recent figures suggest that more than four out of five (83%) of financial advisers in the UK have seen an increased demand for such transfers over the last twelve mo...
  • How will your spending habits change in retirement?

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    It will come as a surprise to nobody that retirement is one of the biggest lifestyle changes you’ll ever experience. But as your priorities shift and the free time available to you increases, what you might not be as aware of is the way in which your spending habits are likely to alter too. Research analysing the spending patterns of households in...
  • Top tips for retiring successfully

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    Your retirement should be something you look forward to: a time when you can reward yourself for the years of hard work you’ve put into your career, your family and anything else you’ve spent time and effort on throughout your life. But retiring successfully can be trickier than it might first seem. So, whether you’re looking to leave the world of...
  • Pension Savings: a quick recap on your options

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    It’s been two years since the government introduced pension freedoms, greatly expanding the options for how those who have saved into a defined contribution pension product can access their savings. There are now a number of different ways to take advantage of pension freedoms, so let’s have a look at each of them and the potential advantages and d...
  • How will your spending habits change in retirement?

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    It will come as a surprise to nobody that retirement is one of the biggest lifestyle changes you’ll ever experience. But as your priorities shift and the free time available to you increases, what you might not be as aware of is the way in which your spending habits are likely to alter too. Research analysing the spending patterns of households in...
  • If we are all going to have to work longer, what do you need to consider?

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    The long-established state pension age of 60 for women and 65 for men is set to change over the next few decades. The pension age for women has been gradually increasing since April 2010: the age for women is set to be brought in line with that of men, increasing to 65 by November 2018, with a woman’s birth month determining the exact date the chan...
  • Should I transfer out of my final salary pension scheme?

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    Retirement consultancy Mercer recently revealed that the final salary pension deficit of the 350 largest companies listed in the UK had reached £137 billion by the end of last year, despite the FTSE 100 index closing 2016 at a record high. That figure is more than three times the corresponding deficit amount of £39 billion at the end of 2015. “This...
  • 4 steps to keeping track of your pension

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    A recent study has revealed the worrying statistic that over a fifth of all people with multiple pensions have lost track of at least one, with some admitting to have forgotten the details of all of them. With around two thirds of UK residents having more than one pension, this amounts to approximately 6.6 million people with no idea how much they’...
  • What could be the best way to provide for your grandchildren?

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    With both property prices and the cost of living continuing to rise, as well as low interest rates making it difficult to save, the ‘Bank of Mum and Dad’ is increasingly becoming a partnership with the ‘Bank of Gran and Grandad’. If you have grandchildren, it’s only natural that you’ll want to provide for them in some way as you move towards your r...
  • State pension age may rise to 70

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    Recent reports suggest that the government is planning to raise the official state pension age to 70 for those currently in their 20s. As a more aggressive timetable for increasing state pension age is apparently to be introduced, those in the 45-55 age bracket could be set to receive their state pension when they are 68, whilst those aged between...
  • Already ? Surely Not!

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    It’s that time again when many International Teachers are coming to the end of their existing contracts or just relish a new challenge. Professionally, due to timing, you most likely have already had to resign from your existing post (usually by Christmas) before confirming a new posting (vacancies advertised/job fairs begin early Jan 2017 onwards)...
  • Changes 2017 in employee benefit legislation

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    Retirement Every year several figures for pension plans in the Netherlands are updated. Please find the most important changes below. Offset Pension system Minimum required offset Final Pay € 14.850 Average Pay € 13.123 Defined Contribution € 13.123   The offset has to be taken into account because of the social state p...
  • 1 in 10 people not saving anywhere near enough for retirement

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    Figures released in November 2016 have revealed that over one in ten (11%) of working people have yet to begin paying into a pension pot. Worryingly, this includes nearly one in ten people in the 51-65 age bracket. The average age at which most people expect to begin saving towards their pension is 46, and almost 40% of people under 50 are worried...
  • Taking out a mortgage when retired: what happens if you end up in care?

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    Downsizing during your retirement years is something many people consider. Moving to a smaller property can cut down on maintenance and utility costs and if your new home is cheaper than your current property, you can even raise some cash to save or spend as you like. However, if you’re relocating to a more expensive area then you may need to take...
  • It’s proving popular to cash in smaller amounts from pensions

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    Recent figures suggest that whilst the number of retirees choosing to cash in their pension pots has increased, the amount being withdrawn by them has gone down. When pension freedoms were first introduced, the average sum taken out was around £20,000. This has since reduced considerably to an average of £10,000 according to statistics from the tax...
  • Does buy-to-let still pay?

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    The popularity of investing in property to fund retirement remains prevalent, in spite of the government’s attempts to make buy-to-let less and less attractive. But is buy-to-let investment really a viable alternative to a pension pot, for example? A recent study has investigated the numbers behind each option. The research looked at how £100,000 w...
  • New lifetime allowance could hit more than just ‘pension millionaires’

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    The latest figures surrounding the pensions lifetime allowance (LTA), which governs how much your pensions can be worth without triggering an extra tax charge, suggest that a considerable number of middle-income earners are being hit by the lower threshold. The amount collected from pensions exceeding the LTA by HMRC during the 2015-16 tax year cam...
  • It’s not just the UK facing a steadily increasing retirement age…

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    Whilst the Brexit result of the EU referendum may have made many in the UK feel more distant from their European neighbours, it seems that the retirement proposals of a number of countries may be closer to our own than you might think. The Bundesbank, Germany’s central bank, recently made a muted proposal to raise the retirement age to 69 by 2060....
  • Three lessons about retirement from those who have already retired

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    Retirement is undoubtedly the section of your life which received the largest amount of planning for most people, with much of your working life spent ensuring you can live where and how you want once you’ve retired. However, as with all plans, there are always going to be aspects of your retirement which don’t end up quite how you’d expected, and...
  • Would you be happy renting in retirement?

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    A major goal for many during their retirement will be to enjoy their home after finishing paying off their mortgage. Depending on when you purchased your house however, and with house prices seeing a rise of 30% in the past decade, owning outright is becoming more difficult to achieve for some. Renting during retirement is therefore becoming more a...
  • Triggering pensions freedoms without a plan could be costing you money

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    According to recent research, the introduction of pension freedoms has led to many thousands of people taking out large sums from their retirement funds, then leaving it earning them next to nothing in low-interest accounts. The figures from Citizens Advice who carried out the study suggest that around three in ten people are currently doing this,...
  • Is working part of your retirement plan?

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    A recent study analysing the income statistics for pensioners has found that more people aged over 65 are continuing to work after they officially retire. Figures suggest that the amount of pensioners doing so is around 13%, an increase from just 8% over the past ten years. That figure might sound small, but it equates to 1.1 million people boostin...
  • Retiring in England? Here are the top destinations

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    Whilst the impact of Brexit is yet to be known, one thing that may become trickier is relocating to the continent after Britain leaves the EU. It’s a change that will affect those at the end of their working life as well as those near the start, as in the past many have chosen to live outside the UK for their retirement years. Thankfully, whether y...
  • How will your spending habits change in retirement?

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    It will come as a surprise to nobody that retirement is one of the biggest lifestyle changes you’ll ever experience. But as your priorities shift and the free time available to you increases, what you might not be as aware of is the way in which your spending habits are likely to alter too. A recent study analysed the spending patterns of household...
  • A stark warning for pensioners in The Telegraph

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    The thought of not having enough money to live on during your retirement is not something that those with sizeable pension pots, nearing the end of their working lives, have had to worry about until recently. However, this is now an issue causing more and more sleepless nights, as reported in a recent article in The Telegraph looking into the finan...
  • Downsizing, retirement and proper planning

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    A recent study has found that 2.3 million UK homeowners aged 55 and over – almost 40% of people in that age bracket – are planning to downsize their home in order to raise money during their retirement. However, if downsizing wasn’t always the plan for these people, then it potentially shows poor financial planning for their later years. The averag...
  • NGO Reach Out

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    Hello, Lesley from the Alexander Beard Group here. I am the group’s International Schools and Aid Agencies Director. We are proud supporters and sponsors of both CHSAlliance and InsideNGO  who are the two foremost trade organisations and professional standards bodies for Charities and NGOs. I’m pleased to say that our TCN Retirement Plan continues...
  • The ‘money-gap’ generation

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    A recent survey has revealed that employees from all across the age spectrum have considerable gaps in their financial knowledge. Out of over 500 respondents, more than seven in ten of people from the generation X and millennials age groups did not have an understanding of pension investments. Additionally, 49% of those surveyed said that their pre...
  • Which benefits do employees value the most?

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    We’re living in a world where employee benefits are perhaps more varied than ever before. Those who work at Google reportedly enjoy free childcare, massages and even napping areas at work, whilst employees at Dropbox are provided with a stir fry bar, yoga sessions and Razor scooters to allow them to move around the workplace more quickly. Netflix,...
  • 2016’s Top Summer Holiday Destinations

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    As the warm weather keeps threatening to finally arrive for good, it feels like the perfect time to start thinking about where to go to get away in the summer months. Keep reading to discover our top three destinations for your 2016 holiday. Bordeaux, France – Situated in the area of France which currently produces the greatest volume of fine wines...
  • Retirement plans on hold for many over 50s

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    A third of people aged over 50 who are employed in the private sector are now planning to retire later than they previously hoped, Aviva’s latest Working Lives report reveals. The 2016 report – which comprises research among UK private sector employers and employees – has a particular focus on employees aged over 50, following the end of compulsor...
  • Retirement ‘class of 2016’ owe less than last year’s

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    The amount of money owed by those planning to retire over the course of the next 12 months has fallen for the fourth year in row, according to the latest research by Prudential. This year’s retirees who still have debts owe an average of £18,800, a fall of £3,000 or 14% from last year and a drop of nearly £20,000 since 2012 when the average amount...
  • Could changes in pension tax relief spell the end of the pension itself?

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    There’s a lot that’s likely to change about your pension in the near future, which in turn will have an impact on all sorts of other factors regarding savings for your retirement. Depending on what changes the government imposes on how pensions are taxed and the amount of tax relief allowed on pension contributions, you may end up needing to pay co...
  • Pension tax changes: Should you pay more before relief rates are curtailed?

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    Given recent comment from George Osborne, and mentions of the same during the Autumn Statement, it appears as though pension tax is set for a shake-up in 2016. With that in mind, there appears to be a potential opportunity for higher-rate taxpayers to make the most of their savings while the good times last. Though not confirmed at this current tim...
  • Wijzigingen 2016 in werknemersvoorzieningen

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    Pensioen Jaarlijks worden diverse wettelijke bedragen voor de Nederlandse pensioenregelingen aangepast. Hieronder staan de belangrijkste wijzigingen. Franchise Pensioensysteem Minimale fiscal franchise Eindloonregeling € 14,657 Middelloonregeling € 12,953 Beschikbarepremieregeling € 12,953 In een pensioenregeling moet re...
  • Changes 2016 in employee benefit legislation

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    Retirement Every year several figures for pension plans in the Netherlands are updated. Please find the most important changes below. Offset Pension system Minimum required offset Final Pay € 14,657 Average Pay € 12,953 Defined Contribution € 12,953   The offset has to be taken into account because of the social state...
  • 7 Reasons why you should review your Pension’s in 2016

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    1 - Major changes to pension Tax Relief likely We already know high earners will be hit from 6 April 2016. The amount they can invest in a pension and receive tax relief on will fall to as little as £10,000. You are likely to be affected if your income is more than £150,000, although those with lower incomes could also be caught. But further chang...
  • What is a Self-Invested Personal Pension (SIPP)?

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    Self-Invested Personal Pensions (SIPPs) are designed to give you greater control over your retirement savings. With a SIPP you can choose from a wide range of high quality investments, manage them for yourself and consolidate your existing pensions in one place. A SIPP is different to other pension saving forms and can give you more control over yo...
  • Tapering Annual Allowance and Pension Input Periods

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    The government announced on 8 July 2015, that for 2016 to 2017 onwards the annual allowance for tax relieved pension savings will be reduced for those with incomes of over £150,000. Their annual allowance will be reduced by £1 for every £2 of income they have over £150,000, with a maximum reduction of £30,000. In advance of the introduction of this...
  • Money trumps health as top retirement concern

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    Concerns over money dominate the thinking of pre-retirees, according to new research from Retirement Advantage. Conducted by YouGov, the study finds almost half (49%) of over 50s are worried about not having enough money in retirement to do the things they want to do, compared to just over a third (37%) who are concerned about health problems. Fin...
  • Devon tops the table for pensioner well-being

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    The South West of England appears to be the place to live if you want a long, healthy and safe retirement, according to a new league table of pensioner well-being developed by Prudential. The league table, which uses a combination of census data and results from the insurer’s own retirement research, ranks the top 20 counties in England and Wales a...
  • Should we scrap tax reliefs on pensions and create a lifetime ISA for all?

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    A single Lifetime ISA for everyone should be created with all tax reliefs on pension contributions being scrapped, a leading figure at the Centre for Policy Studies (CPS) has proposed, according to an article published by the CPS. Research Fellow Michael Johnson said the opportunity has come for a radical overhaul of savings after the Chancellor la...
  • What’s really on the bucket list of the UK over 55s?

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    Consumer Intelligence conducted an independent online survey for Prudential between 6 and 10 July 2015, among a sample of 1,157 UK adults aged 45+, including 645 aged 55 or above, asking respondents what made up their own personal ‘bucket list’. Travel dreams make up seven of the top 10 wish-list experiences and activities that most over-55s would...
  • Money is more worrying than Health to over-50s

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    Concerns over money dominate the thinking of pre-retirees, according to new research from Retirement Advantage. Conducted by YouGov in May 2015 with over one thousand survey respondents aged over 50 and not in retirement, the study finds almost half (49%) of the over 50s are worried about not having enough money in retirement to do the things they...
  • Planning around the retirement threshold

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    By now, if you are somewhere in the retirement experience – either approaching it, passing through it or leaving it behind – you will already have experienced firsthand your own childhood and maybe that of your children, grandchildren and great-grandchildren. Now you are heading to experience later life, which for most of us will stretch forward fo...
  • Latest ‘Retirement Readiness’ report shows the UK still has a major savings problem

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    New research in Spring 2015 from Aegon UK reveals that just 7% of the UK population are on track for the retirement they aspire to, exactly the same percentage as in April 2014. Aegon’s third UK Readiness Report – the latest in a series of reports that looks at attitudes towards retirement – has a particular focus on levels of engagement with workp...
  • The dash for ‘pension freedom’ retirement cash slows down

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    After an initial dash for cash following the introduction of pension freedoms in April 2015, customers are taking more time to consider their options, according to a Scottish Widows reported published on the 1st June 2015. From the initial surge at the beginning of April until the middle of May, Scottish Widows has seen a 72% drop in full pension e...
  • Planning for a better financial future in retirement

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    Recent HSBC research identified four broad actions which may help today’s retirement savers to create an informal plan and work towards a better financial future for themselves. 1. Be realistic about your retirement aspirations The research indicates that more than half of retirees (53%) have been unable to realise at least one of their hopes and a...
  • 60 is the new 40!

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    Good news for all of us who have accepted that we are getting older: Saga reports that new European research shows that 60 is the new 40! The research reveals that people are now reaching middle age at the tender age of 60, instead of the previously expected figure of 40 years old. Saga’s Head of Communications, Lisa Harris, commented: “Middle age...
  • How good is the prospect of retirement security in the UK?

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    The UK has slipped by four places to 22nd in a global survey looking at the countries with the best – and worst – retirement security, according to a recent Professional Pensions article. Switzerland was named the top performer in the Natixis Global Asset Management CoreData Global Retirement Index (GRI), followed by Norway, Australia and Iceland....
  • 5 Key Concerns for Retirees

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    Are you relishing the arrival of your retirement, whenever it may be due? A recent survey from Aegon found that whilst people continued to have positive aspirations for retirement, there was nevertheless a widespread lack of confidence that retirement would actually deliver. With careful planning though, you can address all of your potential concer...
  • Gender gap in pension savings narrow, as women benefit from Workplace Pension changes

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    The number of women saving adequately for retirement has shifted from a record low to a four-year high in the last 12 months, according to Scottish Widows’ annual Women and Retirement Report. Half of the UK female population is now preparing adequately – the first increase recorded since 2011 – a leap of 10 percentage points from 40 to 50 in the pa...
  • One in three of us plan to use the markets in retirement

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    New research from MGM Advantage, the retirement income specialist, suggests that UK adults are planning to use equity investments to help them outstrip inflation and manage the rising cost of living. Over half (53%) of UK adults rate the rising cost of living as their number one fear for retirement, and almost a third (32%) of pre-retirees surveyed...
  • Expat pensioners cash in as pound value soars

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    Retired British expats who choose to live in the Eurozone have seen the income from their basic State Pension rise by nearly 10 per cent in the past year according to new analysis by the Prudential. UK Pensioners living in the Eurozone now find their annual income from the basic State Pension at €7,344.44 – a rise of €661.24 since this time last ye...
  • British Expats in USA and the 2015 Pension Changes

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    In April 2015, new legislation will come into force that will affect a large percentage of people who have a UK Pension. These new rules will provide greater flexibility and freedom than was previously afforded to pension holders and will apply to many British expatriates and Americans who have built up pension rights in the UK. With more and more...
  • Research reveals nation’s favourite retirement destinations

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    New research has revealed that over 6 million UK adults are planning to retire abroad, with an even split between Europe and the rest of the world. Of the estimated 3.2 million UK adults planning to retire in Europe, Spain attracts most retirees, with 26% of the vote. France and Italy are the second and third most popular destinations respectively,...
  • Why Directors and Business Owners Fail to Plan their Retirement

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    Company directors and owners of SMEs make plans and do forecasts all the time. Cash flow forecasts, SWOT analyses, plans for renewals and refurbishment; there’s hardly a day when they’re not eyeball to eyeball with a spreadsheet. So why do so many of them fail to plan their own retirements properly? In our experience company directors and owners of...
  • Budget 2014 Overview

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    Whether you are a client based in the UK or abroad, we are sure you will be interested in learning how the UK Government’s 2014 Budget might affect you and your finances. George Osborne delivered the Budget to Parliament on 19th March and we have put together the following analysis and summary, which details all of Mr Osborne’s major announcements,...